Which of the following are deducted from gross taxable income todetermine net taxable income? a - Severance payments b - Registered Retirement Savings Plan contributions  c - Health carepremiums d - Charitable donations

Under PAS 26 (Accounting and Reporting by Retirement Benefit Plans), investments held by retirement benefit plans should be stated at which of the following value in their statement of net assets? Fair Value Value in use Net Realizable Value Orig cost less impairment

What is the taxable base for federal income taxes? a. Gross income b. Net worth c. Total assets d. Total debt

Identify which is taxable?  A. Proceeds of life insurance received by heirs B. Excess amount received over premiums paid by insured upon surrender of policy C. Compensation for personal injuries of an employee D. Indemnification for moral damages

Define each of the given and describe the different EXCLUSIONS FROM GROSS INCOME: Proceeds of life insurance policy Amount received by the insured as a return of premium Gift, bequest, or descent Compensation for injuries or sickness Income exempt under treaty Retirement benefits, pensions, gratuities, etc.

The following are generally non-taxable income, except: A. Stock DividendB. Compensation for personal injuriesC. Premium of life insurance receivedD. Gross receipts from farming

Which of the following journal entries would be recorded when an entity contributes cash to its defined benefit pension plan? Select one: а. DR Cash; CR Net defined benefit liability O b. DR Pension assets; CR Cash Ос. DR Cash in trust; CR Cash O d. DR Net defined benefit liability; CR Cash

What are the tax rates for FICA Social Security and FICA Medicare? What are the maximum taxable earnings amounts for each of these taxes?